Encouragement and help required please :-(

RAS

Sorry but you take on an SOA makes it very hard to advise you.

What are your living circumstnaces. Why no CT, utilties or water rates? What do you eat?

What is the secured debt? And what are the expenses?

moneyexpertiwish wrote: »

Summary of Monthly Income, expense and surplus

Total monthly income: £ 1,440
Expenses (incl. HP & secured debts): £ 357
Available for debt repayments: £ 1083
Unsecured debt repayments: £ 696
Surplus (shortfall if negative) £ 387
This month (additional £300).

Personal Balance Sheet Summary
Assets: £ 2400
Secured & HP Debt £ 0
Unsecured Debt £ -12,890
Net Assets £ -10,490


Here's my own info based on the minimum expenditure at the moment.

I've started cycling to work so transport is now next to nothing.

Salary1440
Living costs

Digs130
Mum100 - is this a payment or a debt
Contract Mobile Phone20 - try to reduce the package
Contact Lenses25 - can you reduce this?
Cancer Research2 - cancel right now as you are paying a lot more than this each month to borrow the money.
Food
Clothes
Going out
Presents?
Self care and cleaning?


Debts

Loan201 - value, monthly payment, how many payments outstanding, any redemption penalty
Thomas Cook80 - what is this
Littlewoods80 - the total debt or the monthly payment?
Provie60 - the APR will be horrendous, this is probably your priority
Car insurance40 - you have sold the car - why this payment?



Expected Remain…702

My car is worth around £1,500 but has two burst tyres so I'd have to let it go for £1,000 so that someone will buy it and replace the tyres.

.

moneyexpertiwish

Kandipandi wrote: »

Defaults can be moved up the line IYKWIM, if you have 2 defaults and then 12 good payments the 12 good payments push the bad ones off the list - not necessarily 6 years.

I was thinking that if you have a load of debt and cant afford to live you could perhaps consider a debt management plan with CCCS or another free company. But if you are not wanting to further hamper your credit 'rating' then this may not be the best idea.

Saying that, perhaps not being able to get any more credit may be the best option for you, deal with the credit you have and get help to pay this off, but another loan is just not the answer in my humble opinion.

I understand.

So are CCCS a company that help manage your debt? Do they look for solutions i.e. to consolodate or just give you general tips.

My credit rating is goosed now anyway, well for the forseeable future.

Ideally, I don't want anymore credit for some time. Not til I look at getting a property but atm that's a long way off. I couldn't buy a shed on credit!

I'll have a look at the CCCS tomorrow but need to leave work just now.

It looks like the general consensus is to cancel my verbal agreement with yes loans and try and get my £70 back.

moneyexpertiwish

RAS wrote: »

Sorry but you take on an SOA makes it very hard to advise you.

What are your living circumstnaces. Why no CT, utilties or water rates? What do you eat?

What is the secured debt? And what are the expenses?

They're paid by my mum atm as part of my digs (rent).

All debt is unsecured.

Travel expenses is pretty much nil just now as I'm cycling.

I spend about £50 a month on food at work.

RAS

So you are living at home?

Tonight or tomorrow you need to find out how much you owe on each account, what the APR is, how many payments left for all the loans, whether there are repayment penalties, do you have PPI on any accounts or any late charges.

And you also need to get you head round whether you have two late payments marked on your accounts or a default. Do you have any termination letters?

TWINKLE

Hi moneyexpertiwish - just want to say well done for posting your SOA - this is the first step. I agree with Kandipandi - you are just shuffling money around, instead of dealing with your spending habits. there I used to do this and since my LBM in August 2009, my plan is now to get debt free, not by consolidating or moving around, but by snowballing my debts. You will find loads of advice on DFW. Keep going and you will get there!

Kandipandi

moneyexpertiwish wrote: »

I understand.

So are CCCS a company that help manage your debt? Do they look for solutions i.e. to consolodate or just give you general tips.

My credit rating is goosed now anyway, well for the forseeable future.

Ideally, I don't want anymore credit for some time. Not til I look at getting a property but atm that's a long way off. I couldn't buy a shed on credit!

I'll have a look at the CCCS tomorrow but need to leave work just now.

It looks like the general consensus is to cancel my verbal agreement with yes loans and try and get my £70 back.

Have a look at the CCCS website:

http://www.cccs.co.uk/

They are a registered charity and they will take control of your debts and arrange to pay your creditors an amount that you can afford. You do not pay anything for this service, your credit rating will suffer when you default on your oroginal agreements, but it is one solution to your problem. It beats spiralling debt.